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Terra Santa Propriedades Agrícolas (LAND3) investor relations material
Terra Santa Propriedades Agrícolas Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net revenue reached BRL22.5 million in 1Q26, stable compared to 1Q25, reflecting the resilience of the long-term rural lease model.
EBITDA was BRL15.7 million, maintaining high profitability, while net profit was BRL8.3 million, down 15% year-over-year due to higher financial expenses.
The business model ensures high cash flow predictability, supported by long-term contracts and hedging strategies.
Shares traded at a 68% discount to NAV, with NAV at BRL2.7 billion (BRL27.76/share) and market cap at BRL840.1 million.
Financial highlights
Net revenue: BRL22.5 million (+2.6% YoY); net lease revenue: BRL21.3 million (+16.4% YoY).
Gross profit: BRL21.4 million (+3.0% YoY); gross margin: 95.3%.
Operating expenses: BRL6.6 million (+24.4% YoY); G&A expenses decreased 7.8%.
Net financial loss: BRL5.6 million (vs. BRL3.8 million in 1Q25), mainly due to higher financial expenses.
Net profit: BRL8.3 million (-15% YoY); net margin: 36.6%.
EBITDA: BRL15.7 million (-3.4% YoY); EBITDA margin: 69.8%.
Adjusted EBITDA: BRL16.7 million (+7.9% YoY); adjusted margin: 74.0%.
Outlook and guidance
100% of 2025/26 soybean volume fixed at BRL108.85/bag; no volume fixed for 2026/27.
Hedging covers 68% of USD exposure and 66% of soybean price for 2025/26; partial hedges for 2026/27.
- Strong revenue and EBITDA growth offset by non-recurring impacts and improved leverage.LAND3
Q4 202531 Mar 2026 - Strong revenue growth offset by one-time provisions and asset write-offs, resulting in a net loss.LAND3
Q3 202514 Nov 2025 - 2Q24 saw a sharp revenue drop, net loss, and lower EBITDA, but net debt was significantly reduced.LAND3
Q2 202411 Nov 2025 - 3Q24 saw lower revenue and profit, but net debt fell and hedging was strengthened.LAND3
Q3 202411 Nov 2025 - Sharp declines in revenue and profit, with asset values down and risk-mitigating measures in place.LAND3
Q4 202411 Nov 2025 - Net income up 51.1% and revenue up 34.6% year-over-year, driven by higher lease prices.LAND3
Q1 202511 Nov 2025 - Strong revenue and profit growth in 2Q25, but shares declined sharply.LAND3
Q2 202511 Nov 2025
Next Terra Santa Propriedades Agrícolas earnings date
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